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JPMorgan calls Bitcoin "fraud" only for use by criminals and North Koreans

Lora Ball |Saturday, September 16, 2017

Bitcoin Dives on Dimon's Fraud Warning

"After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30".

Bitcoin is now down almost 30% from its peak at above $5,000 on September 1.

Two business newspapers reportedyesterday that Chinese bitcoin exchanges were asked verbally by regulators in Shanghai, the country's financial centre to close. In fact, BTC China, the largest exchange in China, said it would stop facilitating trades by the end of the month.

Jerome Rousselot of blockchain micro-finance startup Jita Ltd. explained that this is the second time China is acting on digital currencies.

Arthur Levitt, former commissioner of the U.S. Securities and Exchange Commission, said that just because the cryptocurrency markets are wildly speculative at the moment doesn't mean cryptocurrencies are going away.